CVS pledges to return $43M in coronavirus stimulus payments
CVS will return over $43 million in COVID-19 stimulus payments. Yahoo Finance’s Anjalee Khemlani weighs in.
Video Transcript
ADAM SHAPIRO: Let's shift gears to CVS. Why did they get more than-- what was it, $40 million in stimulus funds from the CARES Act?
ANJALEE KHEMLANI: That is correct. So they were able to get money because they run in sort of the health care space. And they have patients that they care for. And a lot of the distribution was decided based on the Medicare population. And so because they are a player in that space, they did get funding, which they then returned, saying that they essentially don't need it.
They are doing a lot in terms of response to the outbreak. And they've definitely seen an increase in profits in recent years. So I'm sure in large part, or in some part, at least, it was also public relations, not to draw attention, as we've seen sort of the backlash on some of these larger companies that have taken some of that money.
ADAM SHAPIRO: OK, Anjalee Khemlani, who covers COVID-19, coronavirus issues for us here at Yahoo Finance, thank you very much.
